Beiträge von Centurion

  • Royalty Companies

    Royalty round-up, January 2023 – positive trajectory continues


    Artikel von Ryan Long, erschien bei Proactive UK



    Einblicke eines Branchenführers:


    Diesen Monat trafen wir uns mit Alexandra Woodyer Sherron, CEO und President von Empress Royalty Corp (TSX-V:EMPR, OTCQB:EMPYF), einem auf Edelmetalle fokussierten Lizenzgebührenunternehmen, das an der TSX-V notiert ist.


    Mit über 20 Jahren Erfahrung in der Bergbauindustrie ist sie eine Veteranin der Bergbauindustrie, die vor ihrem Eintritt bei Empress eine erfolgreiche Direktorin für strukturierte Finanzierungen für die globale Bergbaufinanzierungsberatung Endeavour Financial war, wo sie an Finanzierungen in Höhe von über 1,5 Milliarden US-Dollar beteiligt war.


    Woodyer Sherrons Gedanken darüber, was 2023 für den Lizenzsektor bereithält: "Wir glauben, dass sich der Lizenz- und Streaming-Bereich im Jahr 2023 insbesondere für Junior- und Mittelständler weiterentwickeln wird.


    "Es steht eine Verschiebung bevor, bei der Lizenz- und Streaming-Unternehmen einen größeren Prozentsatz der Finanzierung bereitstellen werden, um den Minen zu helfen, in Produktion zu gehen, insbesondere angesichts des Inflationsdrucks und der Liquiditätsengpässe der Aktien.


    "Dies wird dazu führen, dass Lizenzgebühren- und Stream-Finanzierungsstrukturen für Junior-Bergbauunternehmen zu einer wichtigeren Finanzierungsoption werden, die neben traditionellem Eigen- und Fremdkapital gleichermaßen in Betracht gezogen wird.


    "Wenn sich dies weiterentwickelt, wird auch eine weitere und robustere Konsolidierung unter den Junior- und Mid-Size-Royalty-Unternehmen stattfinden, um größere Unternehmen zu schaffen, die Aktienliquidität zu erhöhen und vor allem ihre Kapitalkosten zu senken."

  • Investmentfirmen mit Edelmetallbezug

    Palisades Begins Trading on
    TSX


    TSX-V:PALI


    Vancouver, British Columbia, February 6, 2023 – Palisades Goldcorp Ltd. (“Palisades”; TSX-V:PALI, the “Company”) is pleased to announce that the Company’s common shares (the “Common Shares”) have been approved for listing on the TSX Venture Exchange (the “Exchange”) as a Tier 2 issuer under the symbol “PALI” (the “Listing”). Palisades’ Common Shares commenced trading as at the opening of the markets on Monday, February 6, 2023. No public offering of Common Shares was carried out in connection with the Listing. Palisades holds a diverse portfolio of securities and derivatives among which it holds a 26.67% interest in New Found Gold Corp (TSX-V: NFG).


    The Exchange issued a bulletin on February 2, 2023, confirming the Listing.


    On behalf of the Board of Directors


    "Collin Kettell"


    Collin Kettell
    Chief Executive Officer and Director


    Phone: +1 (845) 535-1486
    Email: collin@palisades.ca


    About Palisades Goldcorp Ltd.


    Palisades Goldcorp Ltd. is a resource investment company and merchant bank focused on junior companies in the resource and mining sector. The Company seeks to acquire equity participation in pre-initial public offering and early state public resource companies with undeveloped or undervalued high quality projects. The Company focuses on companies that are in need of financial resources to realize their full potential, are undervalued in capital markets and/or operate in jurisdictions with low to moderate local political risk. The Company expects to continue to make investments, pursuant to its dual investment strategy, to achieve broad sector exposure with upside in the event of appreciate in mineral commodities prices, while also providing the potential to realize appreciation in net asset values as a result of discoveries by issuers in which the Company holds larger positions. The Company is listed on the TSX Venture Exchange under the stock symbol “PALI”.

  • Royalty Companies

    METALLA ASSET ALERT #1


    Good morning,

    With 85 royalties and streams in the portfolio we are not surprised when we hear how many significant advancements in the portfolio are being missed by investors. We are pleased to be introducing a new format of updates called Metalla Asset Alerts. We will be updating investors more frequently with 2-3 significant updates at a time as they are reported by our counterparties throughout the year.

    These will only be distributed through Metalla’s investor email list and not through traditional press release or wire distribution. If you received this, you are already subscribed! The alerts will also be published on our website.

    Others can subscribe at www.metallaroyalty.com

    For our first Asset Alert, we will be updating you on:


    • Côté / Gosselin – Significant drilling reported
    • Centrogold / Gurupi – Major permitting milestone almost complete
    • Fifteen Mile Stream – Advances as top priority for St. Barbara for construction target in FY2026


    Collectively, the three assets we’re providing an update on today represent 18% of our consensus NAV.




    CÔTÉ / GOSSELIN1

    Metalla holds a 1.35% NSR on the northern portion of the Côté and all of the Gosselin deposit currently being commissioned by IAMGOLD targeting production in 2024. Once constructed, Côté will become the third largest gold mine in Canada without any contribution from its adjacent 5Moz Gosselin deposit making it a truly world-class asset.



    [Blockierte Grafik: https://mcusercontent.com/101ca0071637df9ad05db482b/images/5ab5efb7-87f8-ddae-3665-eca68d3e32e6.png]

    IAMGOLD had another successful drill campaign at Gosselin and announced additional high-grade results. The drill program clearly demonstrates the expansion potential of Gosselin. We continue to believe that with ongoing success, IAMGOLD can significantly increase the resource at Gosselin, making it one of the more coveted gold deposits in the world.

    Notable intercepts include:


    • 1.99 g/t gold over 342.2 meters
    • 1.29 g/t gold over 313 meters
    • 1.50 g/t gold over 181 meters
    • 0.66 g/t gold over 388.5 meters
    • 0.77 g/t gold over 262 meters
    • 0.74 g/t gold over 220.5 meters


    According to IAMGOLD:

    "We are very pleased to see that the results from the 2022 drilling program support the anticipated expansion potential at Gosselin, specifically south of and below the interpreted resource boundaries of the deposit model. Future drilling programs at Gosselin will continue to target the extensions of the deposit towards the goal of defining further potential resource expansion and resource classification upgrades.”



    [Blockierte Grafik: https://mcusercontent.com/101ca0071637df9ad05db482b/images/5839d45d-4c96-2170-b12a-6dc6496b1a3a.jpg]



    [Blockierte Grafik: https://mcusercontent.com/101ca0071637df9ad05db482b/images/ec411453-a98c-67d6-7ec0-1dcb28f2557a.jpg]

    It’s worth noting how many of these results were outside of the current resource envelope demonstrating real exploration upside for Metalla shareholders.



    [Blockierte Grafik: https://mcusercontent.com/101ca0071637df9ad05db482b/images/c3233bb1-d183-05d6-c228-31afde1d1658.png][Blockierte Grafik: https://mcusercontent.com/101ca0071637df9ad05db482b/images/aab721b2-9b04-9950-34bb-e41bc208fc94.png]



    [Blockierte Grafik: https://mcusercontent.com/101ca0071637df9ad05db482b/images/ce63cc58-e73e-75b3-b80a-c11482a5f04c.jpg]




    CENTROGOLD / GURUPI2

    Metalla holds a 1-2% NSR on the CentroGold project owned by Oz Minerals which is currently being acquired by BHP Minerals. The royalty is 1% on the first 500Koz of production, 2% on the next 1,000Koz and then 1% thereafter.

    Centro is a development project that has a PFS outline of 160Koz per year operation that generated strong economics. Despite the robust financials associated with the project, the project has remained stagnant due to a legacy injunction that appears to be in the process of being removed.


    According to OZ Minerals:

    “A significant milestone was met in December with the National Institute of Colonization and Agrarian Reform (INCRA) approving the land use concession agreement required for progressing the court injunction removal. The request to remove the injunction has been submitted to the court.”

    Even more encouraging, OZ is now providing long term guidance for a production start of the mine:



    [Blockierte Grafik: https://mcusercontent.com/101ca0071637df9ad05db482b/images/bb31da36-88b3-5752-fbce-724ae45cefaa.png]



    Once in production, Metalla estimates Centro will yield over 2,000 GEO’s annually. We believe Centro’s upside potential is being overlooked by the market especially regarding its exploration potential. There are over 25km of productive strike on the land package, of which ~120,000Ha is covered by our royalty.

     [Blockierte Grafik: https://mcusercontent.com/101ca0071637df9ad05db482b/images/86879897-e94b-fe27-bf4a-56f332b9446f.png]




    FIFTEEN MILE STREAM3

    Metalla holds a 1-3% NSR on the Fifteen Mile Stream project owned by St Barbara Minerals. The 1% is on the primary claims and there’s a separate 3% the extensions to the west.

    [Blockierte Grafik: https://mcusercontent.com/101ca0071637df9ad05db482b/images/67e156fd-3b31-268e-314f-f27b250c9d6b.jpg]

    St Barbara operates the Touquoy mine located in Nova Scotia, Canada. The Company has three additional deposits that it plans on exploiting utilizing the mill at Touquoy. Previously the Beaver Dam deposit was slated to go ahead of Fifteen Mile Stream but that has recently been changed to have Fifteen Mile Stream be developed first.




    According to St Barbara:

    “Fifteen Mile Stream is the larger Mineral Resource and Ore Reserve with 781koz in Mineral Resource and 577koz in Ore Reserves and permitting is well advanced for the development of mining operations and process plant construction. The business continuity offered by development of Beaver Dam ahead of Fifteen Mile Stream was an important consideration. However, the primary focus of the teams will now be Fifteen Mile Stream and the opportunity to repurpose elements of the Touquoy processing plant for Fifteen Mile Stream when stockpile processing concludes at Touquoy. Fifteen Mile Stream is the largest and expected to be the most value accretive of Atlantic’s ore sources. St Barbara is now targeting commencement of construction at Fifteen Mile Stream in FY26.”


    Fifteen Mile Stream represents a yield of over 650 GEO’s annually to Metalla once in production.

  • Royal Gold Inc. / RGLD (NAS)

    Royal Gold Provides Update on its Q4 2022 Stream Segment Sales


    DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) announced today that its wholly owned subsidiary, RGLD Gold AG, sold approximately 63,100 gold equivalent ounces (GEOs)1 comprised of approximately 46,000 gold ounces, 706,600 silver ounces and 2,000 tonnes of copper related to its streaming agreements during the three-month period ended December 31, 2022 (the “fourth quarter”). The Company had approximately 21,000 ounces of gold, 461,200 ounces of silver and 400 tonnes of copper in inventory at December 31, 2022.
    RGLD Gold AG’s average realized gold, silver and copper prices for the fourth quarter were $1,710 per ounce, $20.09 per ounce and $8,004 per tonne ($3.63 per pound), respectively. Cost of sales was approximately $396 per GEO for the fourth quarter. Cost of sales is specific to the Company’s streaming agreements and is the result of the Company’s purchase of gold, silver or copper for cash payments at a set contractual price, or a percentage of the prevailing market price of gold, silver or copper when purchased.

  • Royalty Companies

    Valuing Royalty Optionality


    https://latinmines.com/elemental-royalties/


    Summary


    Royalties benefit from exploration drilling. "Short" mine life (10 years or less) projects benefit more than long mine life projects from exploration drilling. Pre-production projects doubly benefit from drilling because of the increase in the size and the decrease in the risk size brings. Exploration drilling can be estimated based on exploration budget and estimated drill costs.
    Royalties benefit from production rate increases. "Long" mine life (more than 10 years, ideally 20 or more years) benefit most from production increases.

  • Royalty Companies

    Royalty Round up: A flat December ends a flat 2022 for the sector


    von Ryan Long


    https://www.proactiveinvestors…r-the-sector-1002638.html


    2022’s Winners and Losers


    Trident Royalties PLC (AIM:TRR) was the best performing mining royalty and streaming company of 2022 overall and the best performing junior, up 37.9%, while Gold Royalty Corp (NYSE-A:GROY) was the worst performing company of 2022 overall and the worst performing junior, down 52.5% on the year.
    Royal Gold, Inc. (TSX:RGL) was the best performing Major of 2022 after being the worst performing Major in 2021, up 7.1% on the year, while Wheaton Precious Metals Corp (LSE:WPM, TSX:WPM, NYSE:WPM) was the worst performing Major of 2022, down 9.0%.
    Triple Flag Precious Metals (TSX:TFPM) was the best performing Large-Tier of 2022, up 18.9% on the year, while Sandstorm Gold Ltd (TSX:SAND) was the worst performing Large-Tier for the second year in a row, down 15.2%.
    Altius Minerals Corporation (TSX:ALS) was the best performing Mid-Tier of 2022 for the second year in a row, up 25.2% on the year, while Maverix Metals Inc (TSX:MMX) was the worst performing Mid-Tier for the second year in a row despite finishing the year up 7.3%.
    Empress Royalty Corp (TSX-V:EMPR, OTCQB:EMPYF) deserves an honourable mention for being the second-best performing mining royalty and streaming company of 2022, up 31.1%.


    Key Themes for 2023

    Last year we highlighted rising inflation as our key theme for 2022, and we would expect to see this continue for at least the first half of 2023 and perhaps for the whole year, as energy cost rises continue to form an important component of global inflation.
    Recession is unfortunately likely to be another important theme for 2023 as well, with the UK already in recession and the US and other countries looking likely to follow.
    2022 saw the mining royalty and streaming sector largely remain flat, up just 1.5%, and we suspect that 2023 might be a more painful year for the sector with negative sentiment to the sector increasing.
    At the start of 2022, we announced we expected to see an uptick in consolidation in the mining royalty and streaming sector, following its rapid growth in component companies during 2020 and 2021. This thesis was correct with some major transactions including:

    • Sandstorm Gold Ltd (TSX:SAND) completing the acquisition of Nomad Royalty (TSX:NSR) Company Ltd. in August 2022 for US$590 million and the acquisition of BaseCore Metals LP for total consideration of US$525 million in July 2022.
    • Triple Flag Precious Metals Corp. announced in November 2022 that it plans to acquire Maverix Metals Inc (TSX:MMX) in a transaction that valued Maverix at US$606 million.
    • Royal Gold acquired Great Bear Royalties Corp. in September 2022 at a valuation of approximately C$199.5 million on a fully diluted basis.
    • Elemental Royalties (TSXV: ELE) and Altus Strategies plc closed a merger in August 2022 to form Elemental Altus Royalties Corp (TSX-V:ELE).

    Given the low market valuation of most of the sector, combined with the high-cash positions of many of the sectors leading players, we would expect to see transactional activity continue in to 2023 with further consolidation our main thesis for the sector in 2023.

  • Developer -- die Suche nach Alpha

    Seeking Alpha - Peter Arendas:


    Top 5 Mining Stocks To Watch In 2023 | Seeking Alpha



    1. Adriatic Metals (OTCPK:ADMLF)


    Übersetzung:


    Adriatic Metals ist meine Nr. 1 für 2023. Das Jahr 2022 war das Jahr der großen Bauaktivitäten am bosnischen Vares-Projekt, das jetzt zu mehr als 50% abgeschlossen ist. Erst am 30. Dezember kündigte Adriatic den ersten Schuldenabbau an. Darüber hinaus wurde bestätigt, dass das Projekt weiterhin vollständig finanziert und auf Kurs für die erste Produktion im 3. Quartal 2023 ist. Das sind gute Neuigkeiten, denn Vares sollte ein Geldautomat für Adriatic werden.
    Laut der Machbarkeitsstudie vom August 2021 sollte die Mine in der Lage sein, durchschnittlich 3,71 Millionen Tonnen Silber, 62,7 Millionen Pfund Zink, 46,2 Millionen Pfund Blei, 2,8 Millionen Pfund Kupfer, 21.800 Tonnen Gold und 2,9 Millionen Pfund Antimon (oder 11,2 Millionen Tonnen Silberäquivalent) pro Jahr über eine Lebensdauer von 10 Jahren zu produzieren. In den ersten 5 Jahren sollte die Produktion jedoch fast 15 Millionen Toz Silberäquivalent pro Jahr entsprechen. Die AISC sollten nur 7,3 $/toz Silberäquivalent betragen, und der anfängliche CAPEX sollte nur 168 Millionen $ betragen. Die Wirtschaftlichkeit des Projekts ist großartig. Bei Basismetallpreisen von 25 $/toz Silber, 1,36 $/Pfund Zink, 1,04 $/Pfund Blei, 4,3 $/Pfund Kupfer, 1.800 $/toz Gold und 1,04 $/lb Antimon beträgt der Kapitalwert nach Steuern (8 %) 1,062 Mrd. $ und der IRR nach Steuern 134 %.


    [Blockierte Grafik: https://static.seekingalpha.com/uploads/2022/12/30/13760932-16724489021217036.png]Quelle: Adriatic Metals


    Ja, die Basispreise sind höher als die aktuellen Metallpreise. Wie jedoch in der obigen Sensitivitätsanalyse zu sehen ist, beträgt bei 10% niedrigeren Metallpreisen, was in etwa den aktuellen Marktpreisen entspricht, der Kapitalwert nach Steuern (8%) 893 Millionen US-Dollar und der IRR nach Steuern 117,4%. Beide Zahlen sind wirklich großartig. Vor allem im Vergleich zur aktuellen Marktkapitalisierung von Adriatic von rund 570 Millionen US-Dollar. Darüber hinaus ist es das Ziel von Adriatic, die Lebensdauer der Mine von Vares auf mehr als 20 Jahre zu verlängern. Und es ist wichtig, den anderen Vorteil von Adriatic nicht zu vergessen, das serbische Raska-Projekt, das ein ähnliches Potenzial wie Vares hat. Nachdem Vares in Betrieb ist, sollte Adriatic damit beginnen, Raskas Wert freizuschalten.

  • Royalty Companies

    Seeking Alpha - Peter Arendas:


    Top 5 Mining Stocks To Watch In 2023 | Seeking Alpha

    5. TRIDENT ROYALTIES (OTCPK:TDTRF)


    Übersetzung:


    Die diesjährige Nr. 5 ist kein typisches Bergbauunternehmen, sondern ein Lizenzunternehmen. Im Gegensatz zu den meisten Mitbewerbern konzentrieren sich die wichtigsten Vermögenswerte von Trident nicht auf Edelmetalle, sondern auf Lithium. Trident erwirtschaftet derzeit einen Umsatz von rund 9,6 Millionen US-Dollar pro Jahr (der Umsatz für Q3 annualisiert). Dies sollte sich jedoch bald ändern, da das Sonora-Lithiumprojekt von Ganfeng Lithium (OTCPK:GNENY) Ende dieses Jahres mit der Produktion beginnen wird. Trident besitzt eine Option auf den Erwerb einer Lizenzgebühr von 1,5 % Bruttoumsatz für das Projekt.
    Die Sonora-Lithiummine sollte in den ersten 4 Jahren 17.500 Tonnen Lithiumcarbonat pro Jahr und nach der Minenerweiterung 35.000 Tonnen produzieren. Zudem sollen 28.800 Tonnen Kali pro Jahr produziert werden. Trident schätzt, dass die Lizenzgebühr rund 96 % der Produktion über die anfängliche 19-jährige Lebensdauer der Mine abdeckt. Beim aktuellen Lithiumcarbonatpreis von etwa 75.000 $/t sollte die Lizenzgebühr fast 20 Millionen $ pro Jahr für Trident generieren. In der ersten Produktionsstufe. Nach der Minenerweiterung sollten es fast 40 Millionen Dollar sein. Am 1. November gab Trident jedoch bekannt, dass Ganfeng beabsichtigt, die Expansion zu beschleunigen und die Kapazität der Stufe 2 von 35.000 auf 50.000 Tonnen zu erhöhen. Bei den aktuellen Lithiumcarbonatpreisen würde dies für Trident über 56 Millionen US-Dollar pro Jahr bedeuten. Die aktuelle Marktkapitalisierung von Trident beträgt übrigens 180 Millionen US-Dollar. Dies bedeutet, dass allein die Sonora-Lizenzgebühr das Potenzial hat, den Aktienkurs von Trident um mindestens 200% zu erhöhen. Ganz zu schweigen von den anderen Vermögenswerten.